Charlty reglstratlon number SC048510 (Scotlandl Company reglstratlon number CS006821 (Scotlandl AOG CENTRAL FRASERBURGH (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
AOG CENTRAL FRASERBURGH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Charty number (Scotlandl SC048510 Company numbgr CS006821 Prlnclpal address Auditor Azels Audit Services 37 Albyn Place Aberdeen United Kingdom AB101JB Bankers The Royal Bank of Scodand PIC 36 StAndrew Square Edinburgh United Kingdom EH2 2YB
AOG CENTRAL FRASERBURGH CONTENTS Page Trustees. report statement of trustees. responsibilities Independent auditorfs report Stslemenl of financial activities Balance sheet Stslemenl of cash flows 11 Notes lo the financial ststemenls 12-27
AOG CENTRAL FRASERBURGH TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 The trustees present their annual report and financial statements for the year ended 30 November 2023. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial slalemènls and comply with the Charity's governing document, the Charities and Trustee Investment (Scollandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las amended) and Accounting and Reporting by Charities.. Stslemenl of Recommended Practi applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. ObJectlv&s and actlvllles Ob"ectives and aims The aims of the church are to advance the Christian faith and lo observe the doctrines of Jesus Christ for the benefit of the public in particular through the holding of church meetings, prayer meetings and outreach acb"vilies lo which invitations are extended throughout the community. To further advance this aim and lo seek lo demonslrale the nature of Christ in humanity, the church provides community facilities and activities for a range of groups, including children and young people, the elderly and minority Communities. Missions are very important to the church and in ac¢ordan¢e with biblical leaching. funds are also used to support causes of those who are disadvantaged and in need of help, locally. nationally and internab'onally. The charity carries out a wde range of activities in pursuance of its charitable aims. The trustees consider that these activities, some of which are rnenlioned below, provide public benefrt to the congregation, the local community and further afield. strale ies AOG Central Fraserburgh seeks to provide a place to encounter God, find encouragement, experience discipleship, participate in lively, reverent worship and share dynamic fellowship wlh other believers wlhin the church. A range of activities are provided lo cater for the needs of the community al the AOG Central Fraserburgh and the church welcomes those who wish lo Come lo find out more about the Christian faith and biblical tea¢hings. Community outreaches do not always have a specific religious focus, but instead are a demonstration of Christ's teaching, which urges us to love our neighbour wthoul thought of recompense. An important part of the Christian faith is charitable giving, which we call lilhing, in accordance wi(h biblical teaching a lenlh of income received is given lo the church in order lo fund the Church activities and outreach. The trustees have paid due regard to guidance issued by the Scottish Charity Regulator IOSCRI in deciding what activities the charity should undertake. Achievements and perforniance Our activities comprise.. Religious activities, deepening understanding of the Word of God through AOG Central Fraseurgh and Ministry activities, as well as sowing into ministries and organisations near and far,. and Community outreach across a range of age groups in the Fraserburgh area including kids and youth groups, meetings and outings for the retired, toddlers and parent groups, communty piojecls, school interaction through assemblies and life skill workshops, soup and sweets, weddings, and funerals. Additionally, we have church services, prayer meetings, family meetings, and communion services. There are over 900 individuals using the facilities in a'slandard" week.
AOG CENTRAL FRASERBURGH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 As a Church, we are aware that some people place value on power or possessions - our greatest asset is our team of volunteers who serve faithfully across the life of the church. We want to say a huge "thank you" to every volunteer for taking time from busy schedules to participate in ministry opportunities here at AOG Central Fraserburgh. Behind the scenes, centre stage, back stage, together we have all made a drfference in the day-l04ay life of the local Church and wider communty. Financial review The charity's principal source of income is the receipt of gifts and donations from members of ils congregation. unds and oin concer The ttuslees have reviewed the funds of the charty. Their policy is lo hold funds lo meet four m(thS operating Costs of the church, excluding the collection of trthes and offerings and the distribution of funds in terms of outreach and missions. The trustees deemed £100,000 suffiaent as at 30 November 2023 for the General Fund and the runnirg of the charity. The restricted income bonds closing balance was £10,000 12022.. £10,000) this can only be realised by disposal of fixed assets. Other funds are designated for the charity's objectives, The total funds held by the charity al the balance sheet date was a surplus of £4,513,67712022.. £3,594,167). The trustees have reviewed the likely outcome of the next 12 months taking into account historic trends and performance since the balance sheet dale. The Trustees consider the charity lo be a going COnM as il is in a position lo meet ils financial liabilities as they fall due and will be able to do so for a period of al least 12 months from the dale the accounts are signed. The Trustees have deemed these funds and the ongoing church activities sufficient to support the ongoing activities of the church for the foreseeable future. Results for the There was income of £1,254,842 for the year12022.' £838,740). This was inline with the trustees expectations with the significant increase being due to fundraising for the current building project. General giving, excluding the fundraising income was £514,094, again this was Inline with expectations. Expenditure in the year was £335,332, 12022.. £374,228). This was inline wlh the Iru5tee's expectation and business plan assumptions. This was an important budget control as we moved into the new facility and managed the new cost structure. Therefore, the charity returned a SLJrplus of £919,510 in 2023, 12022.. £464,5141, this was added to the church reserves, thus resulting in total reserves at 30th November 2023 being a surplus of £4,513,677, 12022.. £3,594,167). These reserves are being carried fOrnard to support the future work Df the church. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future perlod$ The current premises on 2 Queens Road, Fraserburgh provides challenges and limits the church due to the size constraints, lack of muf(i-functionality and inaccessibilily. The church building project designed lo accommodate the growing activities of the church is in pr(yJress and is scheduled lo be completed by February 2024. This will include a section dedicated lo community projects. Additionally, there will be a community coffee shop as well as provision lo carry out all current aclivilies. The new facility has additional capacity for growth.
AOG CENTRAL FRASERBURGH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Structure. governance and management The charity has been fomed under the )nStU11ulI0n of a SCIO (Scottish Charitable Incorporated Organisationl and incorporates the asset transfer and charitable activities c>f Assemblies c>f God - Fraserbur SC027629 effective from 1st December 2020. The prinupal office is The trustees who served during the year and up lo the date of signature of the financial slalements were.. Trustees are appointed by a church vote. Other than the senior leaders role all roles are voluntary. Potential candidates are recommènded by thè current trustees. The constitution states that thère $hoLld be a minimum of 3 trustees. The Charity has not changed the trustees for a number of years and as a result an inducbon program is not in place. However, the Board recognises a need for an HR training upgrade and have idenlffied support to help with this which was completed in the Spring af 2024. The day lo day running of the organisalion is delegated lo the Senior Pastor lequivalenl of CEO) his team. Induded in the team is 3 other Pastors {managersl, and an office manager. The senior pastor is 8 bc8rd member. In addf(ion there is a team of volunteers that would lake of the Trustees. Report these roles were as fo11ows' New Iruslees undergo an orienialion day to brief them on the Current status ol Iho charity, its 014'eckn'ves and vision as well as current issuefjtrends on finance. staffing and govemance. The trustees sel all remuneration packages and make changes. This is made public at the annual AGM. This is reviewed annually and the Scottish Education pay grades and changes arg used as a guide. by the Board of Trustees. Date.. *Str S&p 25
AOG CENTRAL FRASERBURGH STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2023 The trustees are Te5ponsible for preparing the TTU5tee5' Report and the financial statements in accordan th applicable law and United lQ"ngdom Accounting Standards Iunrted "ngdoM Generally AceÉpted ACUn9 Practice). The law applicable lo charities in Scodantl requires the trustees to prepare finanaal stslemenls for each financial year which give a true antl fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to.. - seled suitable accounting policies and then apply them consistently,. - observe the methods and principles in the Charities SORP.. - make judgements and estimates that are reasonable and prudent., - slate whether applicable accounting standards have been follth¥ed, subject lo any material departures disclosed and explained in the financial slalements,. and prepare the finanaal statements on the goirvJ concem basis unless it is inappropriate lo presurrE that the charity 11 continue in operation. The tru$lee$ are responsible for keeping sufficient accounting records that disclose wlh reasonable accuracy at any time the financial position of the charity and enatle them to ensure that the financial statements comply with the Charities and Trustee Investment Iscoljandl Act 2005, the Charities Accounts IScotland} Regulations 2006 las amended} and the provisions of the trust deed. They a also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AOG CENTRAL FRASERBURGH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AOG CENTRAL FRASERBURGH Oplnlon We have audited the financial statements of AOG Central Fraserburgh (the 'charity'l for the year ended 30 November 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial slatemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republ of Ireland Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls". give a true and fair view of the slate of the charity's affairs as at 30 November 2023 and of its incoming resour¢es and appli¢alion of resources, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scollandl Act 2005 and regulation 8 of the CharitiesAccounts IS¢ollandl Regulations 2006 las amended). Basls for oplnlon We conducted Dur audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the Audilorts SpOnsibl1rt1es for the audit of the financial slalements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial staternenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, Individually or collectively, may ca51 significant doubl on the charity's ability lo continue as a going concern lor a period of at least twelve months from when the financial slalements are 8Uthorised for issue. Our responsibilities and the responsibilities of the trustees ¥hrith respect lo going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information induded in the annual report other than the finamial statements and our audilorfs report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other Information and we do not express any fomi of assurance conclusion Ihereon. Our respon5ibilily is lo read the other Information and, in doing so, consider whether the other Information is materially inconsistent wlh the financial slalements or our knedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such malerkql inconsistencies or apparent material misstslemenls, we are required lo determine whether this gives rise to a material misstslemenl in the financial statements themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Mattgrs on whlch wg arg requlred to rnport by exception We have nothing lo report in respect of the following matters in relation lo which the Charities kcounts Iscodandl Regulations 2006 las amended) require us to report lo you if, in our opinion. the informab'on given in the financial statements is in¢onsislent in any material respect with the trustees, report., or proper accounting records have not been kept", or the financial slalements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit.
AOG CENTRAL FRASERBURGH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AOG CENTRAL FRASERBURGH Responsibilities of trustees As explained more fvlly in the stslemenl of trustees, responsibilities. the trustees are responsible for the preparation of the financièl stslements and for being satisfied that they give a true and fair view, and for such intemal contrcA as the trustees determine is necessary to enatrAe the preparation of financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial stslemenls, the trustees are responsible for assessing the charity's abilty to conb'nue as a going nCern, tJisclo$ing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the trustees either intend to cease cperalions, or have no realistic altemative but to do so. Audltorfs rwpon¥lbilltle¥ for th• audlt of the flnanclal ststsmgnts We have been appointed as auditor under section 4411)Icl of the Charities and Trustee Investment Iscolandl Act 2005 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraLKI or error. and to issue an audrtorfs report that includes our opinion. Reasonatle assurance is 8 high level of 8ssurance but is not a guarantee that an audrt conducted in accordance th ISAS (UK) will always delect a maleTial misslalement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected lo influence the economic decision8 of users taken on the basis of these finaw818latemenl8. A further descripts'on of our responsibillies is available on the Financi81 Reporting Council's website 81-. https-.11 www.frc.org.ukJ8udilorsresponsibilitie& This description fomis part of our auditof s report. Extent to whlch the audlt wag consldered capable of detsctlng Irregularltles. Includlng fraud Irregularitses, including fraud, are instances of non-compliance wfÉh laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Counal's website. to delect material misstslemenls in respect of irregularities, induding fraud. obtain and update our understanding of the entity, rts athviti'e$. its ntrol environment, and I'kely fvlure development$, induding in relation lo the legal and regulatory framework apF4icable and how the entty is comptying th that framework. Based on this understanding, we identify and assess the risks of material rnisstatemenl of the financial statements, whether due to fraud or èrror, design and perform audit procedures responsive to those risks, and obtain audit evidence that 1$ suffiaent and appropriate to provide a basis for our opinion. This indudes con$iderali¢x of the risk of acts by the entity that were contrary to 8pplicable18WS and regulations, in¢hJding fraud. In response to the risk of irwularitses and noTrcomFlIan wlh laws and gUlatiOnS, induding fraud, we designed procedures whith included.. Enquiry of managgmonl and tho$8 Charged with governance around actual and potential lth'galion and daims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection,. Reviewng financial statement disclosures 8nd testing to supporting documentation to assess compliance th applicable laws and regu181ions', Perfomiing audit work over the risk of management blas and overrode of controls, Including testlng of journal enthes and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limrfcations of an audit, there is a risk that we will not delect all irregularitie$, in¢lutJing those leading to a material misslalement in the financial statements or norcoMlIan with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the finanaal 5ts1emen15, as we will be less likety lo become aware of instances of n0ComplIance. The risk of not delech.ng a material rni5Statemenl resulting from fraud is higher than for one resulting from error, as fraud may involve cdlusion. forgery, intentional omissions, misrepresenl81ions, or the override of intemal eontrol.
AOG CENTRAL FRASERBURGH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AOG CENTRAL FRASERBURGH Use of our report This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts IScoUandl Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed. tor and on bèhalt ot Azets Audit Services 12 September 2025 Chartergd A¢¢ountsnts Statutory Auditor 37 Albyn Place Aberdeen United Kingdom AB10 1JB Azels Audit Services is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
AOG CENTRAL FRASERBURGH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2023 Curr&nt flnanclal year Unrestricted Unrestricted Restricted funds funds funds general designated 2023 2023 Total Total 2023 2023 2022 Notes Donations and legacies Charitable adivities Investments 495,685 7,453 10,956 740,748 1,236,433 7,453 10,956 833,884 3,010 1,846 Total income 514,094 740,748 1,254,842 838,740 Charitable activities 318,739 16,593 335,332 374,226 Net incoming resources before transfers 195,355 724,155 919,510 464,514 Gross transfers between funds 1195,3551 195,355 Net income for the yearl Net movement In funds 195,355 724,155 919,510 464,514 Fund balances al 1 December 2022 100,000 1,149,980 2,344,187 3,594,167 3,129,653 Fund balances at 30 November 2023 100,000 1,345,335 3,068,342 4,513,677 3,594,167 The ststemenl of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
AOG CENTRAL FRASERBURGH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2023 Prlor flnan¢lal year Unrestricted Unrestricted Restricted funds funds funds general designated 2022 2022 Total 2022 2022 Notes Donations and legacies Charitable adivities Investments 356,313 3,010 1,846 477,571 833,884 3,010 1,846 Total income 361,189 477,571 838,740 Charitable activities 364,963 9,263 374,226 Net incoming resources before transfers 13,7941 468,308 464,514 Gross transfers beeen ftjnds 3,794 13,7941 Net income for the yearl Net movement in funds 13,7941 468,308 464,514 Fund balances al 1 Dember 2021 100,000 1,153,774 1.875,879 3,129,653 Fund balances at 30 November 2022 100,000 1,149,980 2,344.187 3,594,167
AOG CENTRAL FRASERBURGH BALANCE SHEET AS AT 30 NOVEMBER 2023 2023 2022 Notes Flxgd assets Tangible assets Investments 12 13 4,253,769 10,000 2,376,510 10,000 4,263,769 2,386,510 Current assets DeblDrs Cash at bank and in hand 14 232,052 799,222 177,435 1,187,545 1,031,274 1,364,980 Credltors: amounts falllng due wlthln one year 16 1631,3661 1157,3231 Net current assets 399,908 1,207,657 Total asyets leys current liabilities 4,663,677 3,594,167 Creditors- amounts falling due after more than one year 17 1150,0001 Net assets 4,513,677 3,594,167 Income fund$ Restricted funds Restricted funds- Income Bonds Restricted funds- Building Fund Restricted funds- Community Project Fund 10,000 2,995,871 62,471 10,000 2,325.593 8,594 18 3,068,342 2,344,187 Unrestricted funds- General Fund Designated funds- Building Fund 100,000 1,345,335 100,000 1,149,980 19 1,445,335 1,249,980 4,513,677 3,594,167 The financial stslemenls were approved by the Trustees on . Trustee 10-
AOG CENTRAL FRASERBURGH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 2022 Notes Cash flows from opgratlng actlvltlgs Cash generated from operations 24 1,189,630 467,217 Investing activities Purchase of tangible fixed 8ssels Investment income received 11,888,909) 10,956 1527,9011 1,846 Net cash used In Investlng actlvltles 11,877,953) 1526,0551 Financing activities Proceeds from borrowings 300,000 Net cash generated fromllused Inl flnanclng actlvltles 300,000 Net decrease In cash and cash equlvalents 1388,3231 158,8381 Cash and cash equivalents at beginning of year 1,187,545 1,246,383 Cash and cash equivalents at end of year 799,222 1,187,545
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Accountlng pollcles Charity infomiation AOG Central Fraserburgh is a SCIO IS¢ollish Charitsble Incorporated Organisalionl and is managed by the trustees. The current year includes the asset transfer and charitable activities of Assemblies of God r 2020. The address of the prinapal office is 1.1 Accounting convention The financial slalements have been prepared in compliance with the Charities and Ttuslee Investment Iscotlandl Act 2005, the Charities Accounts Iscollandl Regulations 2006 las amended) and Accounting and Reporting by Charities. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive 1 January 20191- The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared In slerfing, which Is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial stslemenls, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable ftjlure. The Trustees have prepared projected cash flow information for the twelve months from the date of approval of these financial statements, induding reasonable possible downside scenarios, which principally reflect the risk of lower than forecast income. The Trustees consider that the nel funds currently available will provide sufficient liquidity to finance the charity for al least the next twelve months under both their base and downsidè scenarios. The charity has considerable nel funds, holding a cash balance of £799.222 al the year-end and has no external debt. As a Consequence. the Trustees believe that the Charity will have sufficient funds lo continue lo meets ils liabilities as they fall due for at least bNelve months from the date of approval of the fnancial statements. Accordingly, the trustees continue to adopt the going cOnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their ¢harilable objectives. Designated fijnds comprise funds which have been sel aside al the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial slalements. Reslricled funds are subject to specific conditions by donors as lo how they may be used. The purwses and uses of the restricted funds are set out in the notes to the financial statements. 12-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnugdl 1.4 Incomè Income is recognised in the statement of financial activities when the charity is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably, and It Is probable th81 income 11 be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donatlons received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwse if the charity has been notified of an impending distribution, the amount is known, and re¢&ipl is expected. If the amount is not known, the legacy is Irealed as a conlingenl asset. Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when re1Vable. Stocks of undistributed donated goods are not valued for balan sheet purposes. 1.S Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir1 costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activ((Es on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, antl is classified under headings of the ststemenl of financial activities to which f( relates". expenditure on raising funds includes the costs of all fundraising aclivilies, events, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking acb'vilies that ftjrther ils Charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impaimient losses. Depreaation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases". Freehold land and buildings Fixtures and equipment not depreaated 33% straight line Assets in the course of construction are not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the Carrying value of the asset. and is recognised in the slalement of financial activities. 13-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnugdl Non-currènt assets hald for sale Non-current assets are classified as held for sale when their carrying amounts will be recovered Frincipally through a sale transaction rather than through continuing use. Classification as held for sale requires that the asset is available for immediate sale in ils present condition and that the sale is highly probable within tre1ve months of classification. Non-currenl assets classified as held for sale are measured al the lower of their carrying amount and fair value less costs lo sell. Any resulting impairment loss is recognised in expenditure. Subsequent increases in fair value less costs to sell are recniSed as a reversal in expenditure lo the extent of previously recognised impairment losses. Depreaation of such assets ceases upon classification as held for sale. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end dale. the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is eslimaled in order to determine the extent of the impaimienl loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instrumanls The charty has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and setue the liability simultaneously. BasiTC financial assets Basic financial assets, which include debtors and cash and bank balan8, are initially measured at transaction pricè Including transaction Costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured at the present value of the ftjlure receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 14-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 A¢¢ounllng poll¢lg$ Icontlnugdl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing Iransaclion, wher& the debt instrument is measured al the prèsent value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable wthin one year are not amortised. Debt instruments are subsequenuy Carried al amortised cost. using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction pricè and subsequenuy measured al amortised cost using the effective interest method. 1.11 Taxation As a charity, the charity is not liable to tsx on ils income or on the surplus from disposal of properties. Recovery is therefore made of tax deducted from income. 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Lea$&s Rentals payable under operating leases, Including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. Critical accounting estimates and judgements In the applicatlon of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are Considered lo be relevant. Actual iesulls may diffèr from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are regnised in the period in which the estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where the revision affeds both current and future periods. Property valuatlon Trustees estimate the carrying value of property to the best of their ability based on third party valuations and also tsking Into account previous experience and knowledge of the local area. 15-
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AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Charltable actlvltles ytsh Toddlers 2023 Totsi 2023 Youth Toddlers 2022 Ttstsl 2022 2023 2022 Other income 4,276 3,177 7,453 1,340 1,670 3,010 Investments Unrestrlcted Unrestrlcted funds funds general general 2023 2022 Income from cash investments Interest receivable 65 1,781 10,956 10,956 1,846 17-
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AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Support and governance costs Support Governance costs costs 2023 Support Governance costs costs 2022 Stsff costs 129,850 129,850 147.224 147,224 Al1t fees Accountancy fees Legal and professional AOG Scottish Region 18,000 9,857 1,C65 4,020 18,000 9,857 1.065 4,020 26,820 14,938 2,742 4,020 26,820 14,938 2,742 4,020 129,850 32,942 162,792 147.224 48,520 195,744 Anatysed betsyeen Charitable athvitYa8 129,850 32,942 162,792 147.224 48,520 195,744 Support and govornancg cost$ havo beon apportionod based on adivity levels using th8 OLrtrga¢h and giving expenditure and the other charitable activities expenditure as benchmarks for activity levels. Trustses One Trustee was empbyed in the year. A total of £nil was reimbursed for exFenses paid personally {2022.' £501. a Trustee and was employed as Senior ftninisler wth a salary of £39,500 12022.. £39,500) and pension contributions of £3,16012022.' £3,160). as also reimbursed £nil for travel expense$12022'. £501. Conn•cted Powsons One connected per¥on was employed in the year. A totsl of £8,469 was reimbur¥ed for expenses paid personally {2022.' £10,352)- is a Connected person by marriage and was emF4oyed a5 Adminislralor wth a $8lary of £17,575 12022.. £17,575) and pension cmtribubons of £1,40612022.. £1,406). a5 8150 r*mbursed a total of£8,46912022. £10,352) for the followng expenses, Facilities.. £Nil12022.' £97} Utililie$.' £Nil12022.' £393) Coffee Machine £28512022.. £Nill Gifts £1,092 {2022.' £Ni Catering.. £1,861 12022.. £3,434) Visiting Ministy.. £Nil12022.. £142} Travel Expenses.. £1,26612022.. £Nill mi. expenses." £24012022.. £1321 Run I Walk Cyde T Shirts.. £2,67012022'. £Nill IT. £Nil12022. £173) Photocopier & Printing.. £Nil12022'. £91 People Support: £Nil {2022: £3961 Sound: £Nil12022.' £3,183) Missionary Distribuiion & Support= £Nil12022= £165) Rep$.. £10612022.. £Nill Books & Resources.. £94912022.. £6971 Cherish & Conferences.. £NII12022'. £1.7331 -20-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Employees The average monthly number of employees during the year was". 2023 Number 2022 Number Total staff Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 117,538 2,685 9,428 128,332 8,412 10,480 129,651 147,224 There were no employees whose annual remuneration was more than £60,000. 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 ID the extent that these are applied lo ils charitable objects. 11 Impairments Impairment tests have been carried out where appropriate and the followng impairment losses have been recognised in profit or loss.. 2023 2022 In Spect of." Property, plant and equipment 40,000 21
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 12 Tanglble fixed assets Freehold land A55et5 under Fixtures and Other non. and buildings construction equipment current assets held for sale Totsl Cost Al 1 December 2022 Additions 27,500 2,088,192 1,752,524 5,072 136,385 300,000 2,420,764 1,888,909 AI 30 November 2023 27,500 3,840,716 141,457 300,000 4,309,673 Depreciation and impaimient Al 1 December 2022 Depreryation charged in the year 4,254 11,650 40,000 44,254 11,650 AI 30 November 2023 15,904 40,000 55,904 Carrying amount AI 30 November 2023 27,500 3,840,716 125,553 260,000 4,253,769 AI 30 November 2022 27,500 2,088,192 818 280,000 2,376,510 More infomialion on the impaimient arising in the prior year is given in note 11. The church building at Queens Road entered the property market for sale in November 2022 and was vacant on the signing date. Therefore the Iruslees deemed it appropriate for the propety lo remain as other non- current assets held for sale and the church building is held as such at the balance sheet dale. -22-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 13 Flxe(l asset Investments Income Bonds Cost or valuatlon At 1 Dember 2022 & 30 November 2023 10,000 Carrylng amount AI 30 November2023 10,000 At 30 November 2022 10,000 2023 2022 Investments al fair value comprise.. Income bonds 10,000 10,000 14 Debtors 2023 2022 Arnounts falling due within one year- Other debtors Prepayments and accrued income 228,906 3,146 175,432 2,003 232,052 177,435 15 Loans and overdrafts 2023 2022 Other loans 300,000 Payable wthin one year Payable after one year 150,000 150,000 There were 2 new loans introduced in the year from unrelated entities. The first in October 23 and the second in September 23. The loan received In October 23 has interest applied at the bank of England base rale and is repayable in inslallmenls every 30 months. The loan received in September 23 is interest free and repayable on demand. -23-
AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 16 Credltors: amounts falllng due wlthln one year 2023 2022 Borrowings Trade creditors Other creditors 150,000 233,886 247,480 2,068 155,255 631.366 157,323 17 Creditors: amounts falllng du9 aftgr morg than on9 ygar 2023 2022 Borrowings 150,000 18 Rg$trl¢led fund$ The income funds of the charity include restricted funds comprising the following unexpended balan(ss of donations and grants held on trust for specific purposes.. Movement In funds Incomlng Resources Balance at resources expended 1 December 2022 Movement In funds Incoming Resources Balance at resources expended 30 Novembèr 2023 Balance at 1 Decèmber 2021 Income Bonds Building Fund Communty Project Fund 10,000 1,861,239 10,000 171 2,325,593 10,000 1161 2,995,871 464,361 670,294 4,640 13,210 19,2561 8,594 70,454 116,5771 62,471 1,875,879 477,571 19,2631 2,344,187 740,748 116,5931 3,068,342 Restricted funds are made up of three categories. The income bonds held are reslricled funds. All remaining reslri¢ted funds are the balance of income and expenditure relating lo the Building Fund and the Community Project Fund. Building Fund - In place lo raise ftjnds for a new church building. Community Project Fund - In place to raise funds enabling support to the community in areas of need. For example a food supplies, dothing supplies, etc. bul not solely limited lo these examples. -24-
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AOG CENTRAL FRASERBURGH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 21 Operatlng lease commltments At the reporting end date the charity had outstsnding commitments for ftjture minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 Within one year Between two and five years 1,414 2,121 1,414 3,535 3,535 4,949 The operating leases represent the lease of equipment from a third party. The lease is negotiated over terms of 4 years and rentsls are fixed for 4 years. There are no options in place for either party to extend the lease terms. In the period £1,414 was recognised as an expense towards operating lease commitments12022'. £1,414}. 22 Capital commitments 2023 2022 AI 30 November 2023 the charity had capital commitments as follows.. Contracted for but not provided in the financial statements.. Acquisition of propety, plant and equipment 184,734 1,625,947 These commitments have been made in relation to the assets under construction. the build was completed in Spring 2024 and was funded by the designated and restricted Building Funds. 23 Related party transactions There were no disdosable related party transactions during the period 12022 - £Nil). Please see note 8 regarding trustee and connected person remuneration and expense reimbursement. 24 Cash generated from operations 2023 2022 Surplus for the year 919,510 464,514 Adjustments for.. Investment income recognised in statement of financial aclivi(ies Depreciation and impairment of tangible fixed assets 110,9561 11,650 11,8461 41.884 Movements in working capital.. {Increasel in debtors Increase in creditors 154,6171 324,043 153,5291 16,194 Cash generated from operation5 1,189,630 467,217 -27-